Tuesday, January 14, 2014

Crown Heights Pre-Market Peek: 885 Sterling Place

On Platinum Member radar this summer on its way to foreclosure auction, 885 Sterling Place is a bombed-out 4-story brownstone just off of Nostrand on a great little block.  We took a look today and it's certainly a project...

Much of it is boarded up, some of the windows are missing completely, exposing the parlor floor to the elements.  There are damaged floors where you can see straight through to the downstairs or upstairs floors.  It's beyond a gut.

Although there are a few original details, we don't think you're keeping anything...

The yard is deep, though, on a 127' lot...

We're told there are pre-market offers in already.  The proposed asking price makes 852 Park Place around the corner look like a steal.  Desperately seeking that million dollar brownstone?  It may take much more than that to win this house.  We're told a certificate of non-harrassment's on the way.  Shows the kind of upside in it for those willing to take risks at the foreclosure auctions.  Another prime house in an even better neighborhood is coming up for auction this week.  With the bids on 885 Sterling Place so far, it's hard to imagine that closing the turnkey 894 Sterling Place across the street was as hard as it was for under $800K last year.  But it wouldn't be the first time that bricks and stairs sold for over a million dollars cash in Crown Heights.

Pro's:  just off Nostrand, totally vacant, nice block, deep lot

Con's:  needs a ton of work, hard to finance, probably not what you had in mind in Crown Heights for a million

Ideally:  can't wait to see if someone takes on this task

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